Kim Kardashian’s Skims underwear label has raised fresh funding that values the company at $4 billion.
(Bloomberg) — Kim Kardashian’s Skims underwear label has raised fresh funding that values the company at $4 billion.
The $270 million funding round was led by Wellington Management Group and joined by Greenoaks Capital Partners, Skims said in an emailed statement Wednesday. The clothing maker has raised a total of $670 million from investors including D1 Capital Partners and Imaginary Ventures.
Management said it plans to use the funds to develop new products, enter new categories and open company-owned shops. Skims is set to break $750 million in net sales this year, according to Chief Executive Officer Jens Grede.
Grede said in an interview in June that Skims plans to aggressively expand its retail network, with its first permanent store set to debut in Los Angeles next year.
“Kim and I can envision a future where years from today there’s a Skims store anywhere in the world you’d find an Apple store or a Nike store,” Grede said.
The New York Times reported earlier on the funding round.
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